Owners/guests have the use of 2 pools, hot tubs, and 1 tennis court
Located on the Big Island of Hawaii, the Waikoloa Colony Villas is an upscale gated community in the world-famous Waikoloa Resort. Set farther back within Waikoloa Beach Resort away from busy attractions, the Colony Villas is among the most tranquil of the Big Island retreats. This private, gated property consists of 2 and 3 bedroom town homes (168 in total) situated along the 15th fairway of the Waikoloa Beach Golf Course.
Waikoloa Colony Villas recently became the hot spot for buyers looking for attractive prices on the much desired Kohala Coast. Prices have dropped sometimes up to 60% since 2005. There only are 3 listings left for sale while there were 18 to choose from just a couple months ago. Five 2 bedroom town homes have sold in December 2010 (from $237,900 to $352,000).
Since January 2011, we count 3 more closings and 12 units are in escrow (from asking price of $239,900 to $419,000). Inventory is shrinking and prices will go up again soon. Buyers get emotionally charged up and rush into a real estate hunt in order to not miss the hot market.
What can you do to face a “volcanic†market?
- Know your target neighborhoods—See the interiors of as many listings as you can. Market knowledge is power and understanding recent comps is a big advantage.
- Listen to your emotions and give it a shot—Make offers on units that you fall in love with, but always at a comfortable price. Don’t put everything on the table, in case you need to compete with buyers as savvy as you are.
- Be comfortable with short sales and REOs—You will need patience, lots of it, and plan on spending extra money for repairs, missing appliances, seller’s closing costs, unpaid HOA dues, etc. Get educated and don’t be surprised at the end.
- Join an unfair game and know you’re going to lose some—You all want the best villas at the best price! Some competing buyers will out-bid you on occasion. Shake it off, and get back on the horse.
- Tie the property up—Better get it now before it’s gone. You don’t need a home inspection or appraisals to make an offer, you have a contingency period to find out what you are buying.
- Winning the bidding war—You need to have a plan! You have to know how far you’re willing to go, and should rely on your agent for support.
The agent’s role is critical. Waikoloa Colony Villas is my market share. Do not hesitate to contact me. I’m here to provide an accurate interpretation of the value based on the comps and market conditions.
Time to finish up that offer and notch another satisfied buyer at Waikoloa Colony Villas!
Katie Minkus, R(BIC)
March 20, 2011
Great post, Catherine!! I especially like #5 because many of our off-island buyers don’t understand that here in Hawaii we negotiate terms and price up front, and THEN we do our due diligence on the property – once we’re in escrow to purchase already. That’s a big difference from states like CA, where buyers are used to walking into a property and receiving a copy of “the package” – all the past inspections, recorded docs, CC&Rs, etc. when they go to see the property for the first time. Many buyers don’t realize that the standard of practice in Hawaii is for sellers to hand over that information only after we’re already in escrow. I’ve seen a lot of buyers miss out on properties because they insisted on doing things “the mainland way” and while they were busy doing their due diligence prior to making an offer, the property went “whoosh” right into escrow with another buyer who understood the way we do things here in Hawaii. Just one more reason why it pays to hire a SMART Buyer’s Representative!
Katie Minkus, R(BIC)
March 20, 2011
Great post, Catherine!! I especially like #5 because many of our off-island buyers don’t understand that here in Hawaii we negotiate terms and price up front, and THEN we do our due diligence on the property – once we’re in escrow to purchase already. That’s a big difference from states like CA, where buyers are used to walking into a property and receiving a copy of “the package” – all the past inspections, recorded docs, CC&Rs, etc. when they go to see the property for the first time. Many buyers don’t realize that the standard of practice in Hawaii is for sellers to hand over that information only after we’re already in escrow. I’ve seen a lot of buyers miss out on properties because they insisted on doing things “the mainland way” and while they were busy doing their due diligence prior to making an offer, the property went “whoosh” right into escrow with another buyer who understood the way we do things here in Hawaii. Just one more reason why it pays to hire a SMART Buyer’s Representative!
Beth Thoma Robinson R(B)
March 21, 2011
I am simply amazed at how the inventory has shrunk over the past few months at some of these resort communities. Although prices don’t yet reflect a sellers market, we are running into these multiple offer situations and the ‘just missed out’ scenario more frequently. I will be sharing your post with prospective buyers who may not yet have understood that their mindset may have to change to be successful!
Beth Thoma Robinson R(B)
March 21, 2011
I am simply amazed at how the inventory has shrunk over the past few months at some of these resort communities. Although prices don’t yet reflect a sellers market, we are running into these multiple offer situations and the ‘just missed out’ scenario more frequently. I will be sharing your post with prospective buyers who may not yet have understood that their mindset may have to change to be successful!
Catherine Klug
March 27, 2011
@ Katie and Beth: Talk about an incredible shrinking inventory… as of today there are only 2 listings available at Waikoloa Colony Villas. Waikoloa Beach Resort is the happening spot on the Kohala Coast!
Catherine Klug
March 27, 2011
@ Katie and Beth: Talk about an incredible shrinking inventory… as of today there are only 2 listings available at Waikoloa Colony Villas. Waikoloa Beach Resort is the happening spot on the Kohala Coast!
Katie Minkus, R(BIC)
March 27, 2011
@Catherine – WOW! Only 2??? Incredible. Clearly, it’s time to get more listings!! 🙂
Katie Minkus, R(BIC)
March 27, 2011
@Catherine – WOW! Only 2??? Incredible. Clearly, it’s time to get more listings!! 🙂
Condos For Sale at Waikoloa Colony Villas are Evaporating « Hawaii Real Estate Market
March 31, 2011
[…] had a call from a customer yesterday who read my recent blog about Waikoloa Colony Villas. She had seen a couple of listings on the Hawaii Life website and was […]
Condos For Sale at Waikoloa Colony Villas are Evaporating « Hawaii Real Estate Market
March 31, 2011
[…] had a call from a customer yesterday who read my recent blog about Waikoloa Colony Villas. She had seen a couple of listings on the Hawaii Life website and was […]